Buying a vacation condo is of course a great choice for those who are looking to enjoy there summers away from the hassle of living at home, but that is not all it is good for. Buying a vacation condo is also a great investment if done right, and that is why you have more than your heart to follow when making this choice.
1. Set a budget and stick to it! Ensuring that you have a budget in place will stop you from looking at available options that are simply out of your reach.
2. Consider where you would like to purchase a vacation condo. Why not speak with a real estate agent to ensure that you are opting for an area where the property prices are not about to fall rapidly? If you plan on using your vacation condo for more than just an investment then you should definitely visit the area and see if it is suitable for you before you splash out.
3. Start browsing the internet and magazines to find out what properties are available. Whilst doing this remember your budget at all times. If you feel a house is going to need further development then remember this is a cost as well, so remember and account for it.
4. Visit the houses that you have short listed and see if they have what you are looking for. At this stage try not to become emotionally attached to any options as this may lead to upset later.
5. Contact your lawyer or one that is recommended by a friend. Never contact a lawyer that is recommended by a real estate agent because a conflict of interest may exist.
6. Ensure that you get a survey done on a house before you buy. This is very important for everyone, including those who are buying a new house or one that looks in tip-top condition. We have all heard the horror stories, so keep in mind this will be money well spent.
7. Check the rental prices that you could be attaining for your condo by checking what others are charging near where you plan to buy. Is this working out high as a percentage of the property value? If so then this could well be a wise investment.
8. If you plan on selling another property to finance another then always make sure that the other is sold before you buy. You do not want to end up forking out for both properties at the same time.
9. Check who the neighbours are before you buy. We have all heard the horror stories of terrible neighbours, so make sure you avoid it for your holiday bliss. Why not go and knock on their doors and tell them you are planning to buy in the area? This could be a great way to get an idea before you buy rather than after.
10. Ensure that you are going to be able to make best use of the condo before you buy. This means not only ensuring that you will be able to take time off work to enjoy it to its full potential, it also means ensuring that you will be able rent it out if this is part of your plans.
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Buy Vacation Condos is the website of Doug Lasley and Paul Tarins, local Realtors serving the greater Orlando, Florida area. Whether you are Looking to Buy or Looking to Sell, the BuyVacationCondos.com team can help.
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